UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM 10-QSB

                                   (Mark One)

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE
ACT OF 1934 FOR THE PERIOD ENDED  September 30, 2001
                                       OR
[   ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD From                          to                  .


                        Commission File Number 333-60362

                    MORTGAGE PROFESSIONALS LEAD SOURCE, INC.
             (Exact name of registrant as specified in its charter)

                 Utah                              87-0670014
     (State or other jurisdiction of            (I.R.S. Employer
     incorporation or organization)           Identification No.)

                               959 East Akers Way
                                   Sandy, Utah 84094
                    (Address of principal executive officers)
                                 (801) 898-0026
              (Registrant's telephone number, including area code)

                                 Not Applicable
   (Former name, former address and former fiscal year, if changed since last
                                     report)

Indicate by check mark whether the registrant (l) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter periods that the registrant was
required to file such reports),    X Yes       No; and (2) has been subject to
such filing requirements for the past 90 days:   X Yes       No

                APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
                   PROCEEDINGS DURING THE PRECEDING FIVE YEARS

Indicate by check mark whether the registrant has filed all documents and
reports required to be filed by Sections 12, 13, or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan
confirmed by the court. Yes  No    Not Applicable

                      APPLICABLE ONLY TO CORPORATE ISSUERS

Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practical date.

Common Stock: 510,000 shares issued as of September 30, 2001, No Par Value.
Authorized - 50,000,000 common voting shares.  The company has only one class of
shares.

<PAGE>                                  1

                                      INDEX

                    Mortgage Professionals Lead Source, Inc.
                      For Quarter Ending September 30, 2001

Part I.  Financial Information

     Item 1.   Financial Statements

               Condensed Balance Sheets - September 30, 2001 (Unaudited).

               Condensed Statements of Operations (Unaudited) - For the three
               months ended September 30, 2001 and for the period from
               February 16, 2001 (Date of Inception) through September 30,
               2001.

               Condensed Statements of Cash Flows (Unaudited) - For the period
               February 16, 2001 (Date of Inception) through September 30,
               2001.

               Notes to Condensed Financial Statements (Unaudited) - September
               30, 2001

     Item      2.   Management's Discussion and Analysis of Financial Condition
                    and Results of Operations

Part II.  Other Information

     Item      1.   Legal Proceedings

     Item      2.   Changes in Securities and Use of Proceeds

     Item      4.   Submission of Matters to a Vote of Security Holders

     Item      5.   Other Matters

     Item 6.   Exhibits and Reports on Form 8-K

Signatures

<PAGE>                                  2
                         Part I - Financial Information

Item 1.  Financial Statements

                    MORTGAGE PROFESSIONALS LEAD SOURCE, INC.
                        (A Development Stage Enterprise)


                          INDEX TO FINANCIAL STATEMENTS


                                                              Page

Financial Statements:

     Condensed Balance Sheet (Unaudited) -
     September 30, 2001                                         F-1

     Condensed Statements of Operations (Unaudited)
     for the Three Months Ended September 30, 2001 and
     for the Period from February 16, 2001
     (Date of Inception) through September 30, 2001             F-2

     Condensed Statement of Cash Flows (Unaudited)
     for the Period from February 16, 2001 (Date of
     Inception) through September 30, 2001                      F-3

Notes to Condensed Financial Statements (Unaudited)             F-4

<PAGE>


                    MORTGAGE PROFESSIONALS LEAD SOURCE, INC.
                        (A Development Stage Enterprises)
                             CONDENSED BALANCE SHEET
                               SEPTEMBER 30, 2001
                                   (UNAUDITED)


                                     ASSETS

Current Assets
  Cash                                                 $ 12,772
  Prepaid expenses                                        4,775
                                                       --------

     Total Current Assets                                17,547
                                                       --------

Deferred Offering Costs                                  27,708
                                                       --------

     Total Assets                                      $ 45,255
                                                       ========

                   LIABILITIES AND STOCKHOLDERS' EQUITY

Current Liabilities
  Accounts payable                                     $ 26,808
                                                       --------
     Total Current Liabilities                           26,808
                                                       --------
Stockholders' Equity
  Common stock - no par value; 50,000,000 shares
     authorized; 510,000 shares issued and outstanding   45,000
  Deficit accumulated during the development stage      (26,553)
                                                       ========
     Total Stockholders' Equity                          18,447
                                                       --------
Total Liabilities and Stockholders' Equity             $ 45,255
                                                       ========

See accompanying notes to unaudited condensed financial statements.

<PAGE>                             F-1


                    MORTGAGE PROFESSIONALS LEAD SOURCE, INC.
                        (A Development Stage Enterprise)
                       CONDENSED STATEMENTS OF OPERATIONS
                                   (UNAUDITED)



                                                             From
                                           For the    February 16, 2001
                                       Three Months   Date of Inception
                                            Ended          Through
                                        September 30,    September 30,
                                            2001             2001
                                       -------------- ----------------

Revenue                                $           -  $              -

General and administrative
  expenses                                    (1,130)          (26,553)
                                       -------------   ---------------

Net Loss                               $      (1,130)  $       (26,553)
                                       =============   ===============

Basic and Diluted Loss Per Share       $       (0.00)  $         (0.05)
                                       =============   ===============
Weighted Average Number of
  Shares Outstanding                         510,000           510,000
                                       =============   ===============

See accompanying notes to unaudited condensed financial statements.

<PAGE>                             F-2

                    MORTGAGE PROFESSIONALS LEAD SOURCE, INC.
                        (A Development Stage Enterprise)
                        CONDENSED STATEMENT OF CASH FLOWS
                                (UNAUDITED)


                                                             From
                                                       February 16, 2001
                                                       (Date of Inception)
                                                           through
                                                       September 30, 2001
                                                       ------------------
Cash Flows from Operating Activities
 Net loss                                              $   (26,553)
 Stock issued for services                                  25,000
 Changes in current assets and liabilities
    Prepaid expenses                                        (4,775)
    Accounts payable                                           400
                                                       -----------

    Net Cash Used by Operating Activities                   (5,928)
                                                       -----------
    Net Cash From Investing Activities                           -
                                                       -----------
Cash Flows From Financing Activities
 Proceeds from issuance of common stock                      5,000
 Cash received on receivable from shareholders              15,000
 Deferred offering costs                                    (1,300)
                                                       -----------
    Net Cash Provided by Financing Activities               18,700
                                                       -----------
Net Increase in Cash and Cash Equivalents                   12,772

Cash and Cash Equivalents at  Beginning of Period               -
                                                       -----------
 Cash and Cash Equivalents at End of Period            $    12,772
                                                       ===========
Non-Cash Financing and Investing Information
 Shareholder receivable                                $    15,000
 Accrual of deferred offering costs                         26,408

<PAGE>                             F-3

                          MORTGAGE PROFESSIONALS LEAD SOURCE, INC.
                              (A Development Stage Enterprise)
                              NOTES TO FINANCIAL STATEMENTS
                                   September 30, 2001

NOTE 1 -  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Interim   Financial   Statements-The  accompanying  financial   statements   are
unaudited.  In  the  opinion  of  management, all necessary  adjustments  (which
include only normal recurring adjustments) have been made to present fairly  the
financial  position,  results  of operations and  cash  flows  for  the  periods
presented.  Certain information and disclosures normally included  in  financial
statements  prepared in accordance with generally accepted accounting principles
have  been  condensed or omitted. It is suggested that these condensed financial
statements  be  read in conjunction with the Company's financial statements  and
notes  thereto  included in the Form SB-1 dated July 20, 2001.  The  results  of
operations  for  the three month period ended September 30,  2001  and  for  the
period from February 16, 2001 (date of inception) through September 30, 2001 are
not  necessarily indicative of the operating results to be expected for the full
year.

Basis of Presentation - The accompanying financial statements have been prepared
on  a going concern basis, which contemplates the realization of assets and  the
satisfaction of liabilities in the normal course of business. During the  period
from  February  16,  2001 (date of inception) through September  30,  2001,  the
Company  incurred a net loss of $26,553. As of September 30, 2001,  the  Company
has  had no revenues. These factors, among others, indicate that the Company may
be  unable to continue as a going concern. The accompanying financial statements
do   not   include  any  adjustments  relating  to  the  carrying   amount   and
classification   of  recorded  assets  or  the  amount  and  classification   of
liabilities that might be necessary should the Company be unable to continue  as
a  going  concern. The Company has plans to complete its initial public offering
by  December  30,  2001 in which the Company is offering a  minimum  of  100,000
shares of common stock and a maximum of 200,000 shares of common stock at  $1.00
per  share.  The Company's ability to continue as a going concern  is  dependent
upon its ability to generate sufficient cash flows to meet its obligations on  a
timely basis, to obtain additional financing and ultimately to attain successful
operations.

NOTE 2 -RELATED PARTY TRANSACTIONS

Two  officers  of  the  Company are presently principal officers  in  a  related
business entity known as Velocityloan.com, which is also engaged in the internet
marketing of various mortgage loan opportunities and acting as an internet  loan
broker.  The relationship of loan placements to Velocityloan.com  could possibly
subject  the  company  to certain charges or claims of preferential  dealing  or
treatment in the placement of any loans through Velocityloan.com.

NOTE 3 - COMMITMENTS AND CONTINGENCIES

In  April,   the Company entered into a lease agreement for use of office  space
with  an individual. The lease began on May 1, 2001 and was terminated on August
31,  2001.   The base monthly rent for the term of the lease was $100.  For  the
period ended September 30, 2001, $400 in rent expense was accrued.

On January 30, 2001, the organizers entered into a development agreement with  a
founding shareholder who will provide financial and business consulting services
to  the  Company specifically for the purpose of filing an SEC SB-1 Registration
and  the  contemplated  expenditure of proceeds. His services  will  not  extend
beyond  24 months but are expected to be completed during 2001. In consideration
for  his  services, the Company issued 5,000 shares of stock to the  individual.
The  individual will have pre-emptive rights to acquire any subsequently  issued
shares,  debentures, or other securities or rights convertible  into  shares  or
other  equities, as necessary to maintain his existing 30% shareholder ownership
percentage interest upon terms equivalent to the most favorable price  at  which
subsequent securities or option rights are sold or placed, or options  exercised
in the sale or placement of shares.

<PAGE>                             F-4


                          MORTGAGE PROFESSIONALS LEAD SOURCE, INC.
                              (A Development Stage Enterprise)
                              NOTES TO FINANCIAL STATEMENTS
                                   September 30, 2001


The Company filed an SB-1 Registration Statement which became effective with the
Securities and Exchange Commission (SEC) on August 16, 2001. Under the terms  of
the  SB-1  a minimum offering of $100,000 must be received prior to the  outside
offering  date of December 30, 2001. The proceeds will be held in  escrow  until
such  time  that the minimum offering has been received. In the event  that  the
$100,000  is  not  collected prior to the offering termination  date,  then  the
proceeds  will  be  returned to the subscribers in  the  full  amount  of  their
subscription and the escrow account will be closed. The Company has not recorded
the escrow account and the related obligation to issue common stock.


<PAGE>                             F-5

Item 2.  Management's Discussion and Analysis of Financial Condition and Results
of Operations

Forward-Looking Information

Certain statements in this Section and elsewhere in this report are forward-
looking in nature and relate to trends and events that may affect the Company's
future financial position and operating results.  Such statements are made
pursuant to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995.  The terms "expect,""anticipate,""intend," and "project" and
similar words or expressions are intended to identify forward-looking
statements.  These statements speak only as of the date of this report.  The
statements are based on current expectations, are inherently uncertain, are
subject to risks, and should be viewed with caution.  Actual results and
experience may differ materially from the forward-looking statements as a result
of many factors, including changes in economic conditions in the markets served
by the company, increasing competition, fluctuations in raw materials and energy
prices, and other unanticipated events and conditions.  It is not possible to
foresee or identify all such factors.  The company makes no commitment to update
any forward-looking statement or to disclose any facts, events, or circumstances
after the date hereof that may affect the accuracy of any forward-looking
statement.

Results of Operations

Mortgage Professional Lead Source, Inc. ("MPLS") was incorporated in Utah on
February16, 2001 and has been involved exclusively to this point in start-up
operations including incorporation, initial organization and an initial public
offering ("IPO") of its shares.  The offering became effective with the
Securities and Exchange Commission (SEC) on August 16, 2001 and in the State of
Utah on such date by coordination.  The offering is still pending and may remain
open through an outside date of December 30, 2001.  The offering requires a
minimum offering of $100,000 to close.  Since this amount has not been sold to
date, all proceeds are still escrowed.  To date there have been
approximately35,000 shares sold at $1.00 share raising gross proceeds of
approximately $35,000.

The accumulated deficit for MPLS during the development stage resulting from
general and administrative and expenses was $26,553 as of September 30, 2001.

MPLS has not commenced its initial intended marketing activities of advertising
for potential mortgage refinance clients who would then be referred to select
mortgage refinancing companies for a fee.  These intended initial marketing
programs are more fully described in the SB-1 Registration Statement of the
company as currently filed with the SEC and is a public record.  No proceeds for
these intended activities will or can be employed unless the minimum offering is
closed prior to the outside offering date of December 30, 2001.
MPLS can make no reasonable projection as to whether the offering will close or
if the company will commence business operations or realize any revenues.


Liquidity and Sources of Capital

As noted above, MPLS has not engaged in business operations to date.  It has
raised in its escrow account approximately $35,000 of gross proceeds from its
recently effective IPO.  As to these prospective offering funds, the company has
accrued obligations for offering related costs to the accountants, legal counsel
as well as miscellaneous printing and filing costs of approximately $27,708.
Net proceeds, if any, cannot be determined without knowing if the company will
complete its offering and at what level of gross proceeds.  MPLS has an accrued
accumulated deficit to date of $26,553 with stockholders equity of $18,447.

<PAGE>                                  4


MPLS is fully dependent on implementing its original business plan of mass
marketing its mortgage refinancing program from the anticipated limited net
proceeds of its pending IPO.  The company believes that it has the minimal
capital to implement its operations and business plan as generally outlined in
its IPO filing.  However, no assurance or warranty that the company will be
successful in its IPO; or, if closed, in its marketing efforts can be made or is
implied.  Further, if MPLS is not successful in reaching a state of
profitability from the use of the intended net offering proceeds, there is no
presently committed or determined alternative source or means of financing.

It is possible that MPLS could seek subsequent private placement financing
funds, loans or other means to continue its business operations, though there
can be no assurance or warranty that any such funds will be available or be
sought.  Further, MPLS may deem it is not feasible or appropriate to seek such
alternative financing if the initial IPO is not closed or the proceeds are not
sufficient to sustain continuing operations.

<PAGE>                                  5

                           Part II - Other Information

Item 1.  Legal Proceedings

MPLS is not presently engaged in any legal proceedings, nor does it know of any
claims for or against the company by any party.

Item 2.  Changes in Securities and Use of Proceeds

The company has not had any change in its securities since its last report
filing on Form SB-1.

In accordance with SEC Rule 463 the company reports the use of proceeds to date
from its initial public offering "IPO" completed on April 30, 2001:

     1.  Gross proceeds sold - $35,000 - estimated

     2.  Accrued offering related costs including printing, accounting, legal
          and related filing fees - $27,708.

     3.  Amount expended to September 1, 2001 on marketing and operations - $0

     4.  Net proceeds for future operations: Undetermined

Item 4.  Submission of Matters to a Vote of Security Holders
During the present quarter there has been no matter submitted to security
holders for a vote.  MPLS presently anticipates holding its first annual
shareholders meeting at a date to be determined when or if the IPO is closed.
Shareholders will be independently advised of any such formal annual meeting
date.

Item 5.  Other Matters

MPLS has not and will not apply for a NASDAQ listing of its common stock on the
Electronic Bulletin Board until or unless its current IPO is timely closed.  It
is presently intended, if the offering closes, to seek a listing through a
NASDAQ member on the NASD sponsored Electronic Bulletin Board.  Even if the IPO
closes and a listing is obtained, of which there is no assurance, MPLS cannot
warrant any trading or the trading range if this registration is completed.

Item 6.  Exhibits and Reports on Form 8-K

None

<PAGE>                                  6



                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, Registrant
has duly caused this report to be signed on its behalf by the undersigned
thereunto duly authorized.

               REGISTRANT:  MORTGAGE PROFESSIONAL LEAD SOURCE, INC.


Date: November 6, 2001       By:/s/ Mr. Gregory Willits
                             ---------------------------
                             Mr. Gregory Willits
                             President



Date: November 6, 2001       By:/s/ Mr. Michael J. Christensen
                             --------------------------------------
                             Mr. Michael J. Christensen
                             Chief Financial and Accounting Officer


<PAGE>                                  7